Lisburn-based McGrath Bros (Engineering) Group Ltd and its sister company Construction Architectural Metalwork Ltd have ceased trading a statement issued on behalf of the business confirmed.
The closure will lead to the loss of 171 jobs across sites in the province, London, the south east of England and Birmingham.
The company, which specialises in the manufacture of structural and architectural steel metalwork, was formed from a joint venture between McGrath Bros (Engineering) Group Ltd and Construction Architectural Metalwork Limited.
The statement added that a legal application had been made with the courts to appoint an Administrator in respect of McGrath Bros (Engineering) Group Ltd.
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“It is with deep regret that the directors and founders of McGrath Bros (Engineering) Group Ltd have had to make this difficult decision,” said joint managing director Brian McGrath.
“Trading conditions in the manufacturing and construction sectors have had a severe impact on our business. Legacy contracts taken on during the recession have also taken their toll on main contractors and specialist sub-contractors alike, all linking to underpayments of completed works and disputed final accounts.
“We have explored all possible options to continue operations and remain in business. Sadly, despite our efforts, we have been unable to find a positive outcome. We know this will be a very difficult time for our staff, many of who have given years of loyal service to the company.
“It is our hope that once appointed, the Administrator will secure a buyer for McGrath Bros (Engineering) Group Ltd and that as many jobs as possible will be saved.”
McGrath Bros (Engineering) Group Limited is a London registered company with manufacturing and managerial operations in Lisburn employing a total of 54 people plus 12 London based managerial staff.
Construction Architectural Metalwork Limited is based at Lissue industrial estate, Lisburn with site based operations in London, the South East and Birmingham.
It employs 67 people in Lisburn and a further 38 employees in GB.